WASHINGTON — Consumer prices fell slightly in September but were4.9% higher than a year ago, the Labor Department reportedtoday.
|The consumer price index fell .1% from August to September,fueled by a drop in energy costs.
|Overall energy costs fell 1.9% last month. Motor fuel fell .8%in September, but was 31.8% higher than September 2007.
|The CPI rose at the following rates in these categories: .6% forfood and beverages; .3% for medical care, .2% for recreation and.1% for education.
|The CPI fell in the following areas: -1% for housing; -1% forapparel, and -.6% for transportation.
|The higher prices were yet another indication that the economyis still underperforming with few signs of an improvement in theshort term. Many economists have said they don't expect asignificant turnaround to start until the first half of 2009.
|Federal Reserve Chairman Ben Bernanke said Wednesday thatdespite recent steps by the government to stabilize the economy,things won't improve in the short term.
|“Stabilization of the financial markets is a critical firststep, but even if they stabilize as we hope they will, broadereconomic recovery will not happen right away,” he sad in a speechto the Economic Club of New York.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
